Bookrunner Dawson James raises funds for clinical trial of RUT58-60
By Devika Patel
Knoxville, Tenn., March 21 - Ruthigen, Inc. priced its $19.21 million initial public offering of units with a $2.88 million greenshoe, according to a prospectus filed Friday with the Securities and Exchange Commission. The deal was announced on Aug. 8 as a stock offering.
The company will sell 2.65 million units of one common share and one series A warrant at $7.25 per unit. Each two-year series A warrant is exercisable for a unit of one common share and one series B warrant at $7.25 per unit. Each five-year series B warrant is exercisable for one common share at $9.0625.
Dawson James Securities, Inc. is the bookrunning manager.
Settlement is expected March 26.
Proceeds will be used for a planned phase 1/2 clinical trial of RUT58-60, research and development activities, to establish an independent research facility, for milestone payments to Oculus, general corporate purposes and working capital.
The Santa Rosa, Calif., biopharmaceutical company is a subsidiary of Oculus Innovative Sciences, Inc. The company's expects its shares will trade on the Nasdaq under the symbol "RTGN."
| Issuer: | Ruthigen, Inc.
|
| Issue: | Units of one common share and one series A warrant
|
| Amount: | $19,212,500
|
| Greenshoe: | $2,881,875
|
| Units: | 2.65 million
|
| Price: | $7.25
|
| Warrants: | One series A warrant per unit, one series B warrant upon conversion
|
| Warrant expiration: | Two years, five years
|
| Warrant strike price: | $7.25, $9.0625
|
| Bookrunner: | Dawson James Securities, Inc.
|
| Announcement date: | Aug. 8
|
| Pricing date: | March 21
|
| Settlement date: | March 26
|
| Stock symbol: | Nasdaq: RTGN
|
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